Honey landlord insurance covers both tenant damage and rent default as standard, usually an added cost or exclusion with other providers.
You can choose to pay by the month or annually at no additional charge.
It uses satellite and third-party data to help you select the right level of cover and take a lot of the grunt work out of applying.
Honey currently only insures properties that have a licensed real estate or property manager.
We don't currently have this brand on our panel. But don't fret! You can head to the Honey website or compare a bunch of other landlord insurance companies with Finder.
Honey has 3 levels of landlord cover available: building insurance, contents insurance, and combined building and contents insurance. Here are some of the main insured events a policy can cover you for:
The insurance is issued by RACQ Insurance Limited and comes with a cooling-off period and excess.
The cooling-off period is 21 days which means if you decide to cancel your policy within this period, Honey will refund your premium in full. The excess is the amount you're required to pay when you make a claim and can be nominated by you at the time of application.
"I'd been paying the lazy tax for years with my current insurer, but when my premium nearly doubled I took the chance to shop around. Honey Insurance came out as the cheapest by a considerable amount. It has a great onboarding experience and I've nearly halved my insurance premium per month. The best part is that my cover includes "Loss of Rent"!"
Matt Corke
Finder crew member
Here's a breakdown of Honey landlord insurance features
These are some of the features that Honey will cover you for if you claim for an insured event like a fire, storm or theft. Some of these inclusions (like rent default), are often only available as an add-on you need to pay extra for:
The cost of reconstructing your property following a natural disaster
Loss of rent while your home is unliveable
Tenant damage
Rental income lost plus legal expenses (after bond) if a rent default occurs
Clean up and repair costs following water damage
New for old replacement value
Optional add-on
As an optional extra, Honey can cover loss or damage to electric motors or sealed units up to 10 years old on the property. This option includes the cost of:
Re-gassing an item if the electric motor is inside a sealed air-conditioning or refrigeration unit.
Replacing a swimming pool water pump if it's joined to an electric motor and a replacement pump motor can't be bought on its own.
The relevant tradesperson's installation, labour and call out fees.
Exclusions
Like all insurers, there are certain things you won't be covered for under a landlord insurance policy. With Honey, some of these include:
Actions of the sea (including erosion and king tides)
Breaking the law
Pet damage
Pests and parasites
Defective or faulty workmanship
Deliberate or intentional acts
Roots and trees
Seepage and pollution
Rust and mould
Business operated at the property (unless listed on your Certificate of Insurance)
Wear and tear
Make sure you review Honey's PDS for a detailed breakdown of what is and isn't covered.
Here's the bottom line about Honey landlord insurance
Honey's policy inclusions go above and beyond the stock-standard landlord insurance policy. For example, tenant default or damage is usually an optional add-on or excluded altogether but Honey automatically includes these. You're also covered while the home is unoccupied provided you let Honey know beforehand although an additional excess does apply.
Like other insurers, it also covers design fees, demolition and removal of debris. What makes Honey stand out, however, is that it covers up to 30% above the sum insured – the industry standard is 10%. These can be unexpected and costly bills to deal with, so it's a smart inclusion in the event of a claim.
You can lodge a Honey landlord insurance claim online or by phone. You can do this by logging in to your Honey account or calling 137 138. You'll need to submit any supporting documents such as photos, receipts and proof of purchase and Honey's claims team will start processing your claim and keep you updated throughout.
Yes. An excess is an amount that you pay towards the cost of each claim. You can find the excesses that apply to your Honey policy on your Certificate of Insurance. The following excesses may apply depending on your policy:
Basic excess
Additional excess
Earthquake excess
Unoccupied home excess ($1,500)
Honey home insurance is issued by RACQ Insurance Limited.
Yes, Honey covers floods. Its Product Disclosure Statement defines a flood as: "The covering of normally dry land by water that has escaped or been released from the normal confines of any of the following: a lake, river, creek or other natural watercourse (whether or not it has been altered or modified) a reservoir, canal or dam."
Leave a Honey landlord insurance review
If you've held or currently hold a Honey landlord insurance policy, we'd love to hear from you. Your review can help other Australians decide if Honey is a good fit for them. Some reviews are from a survey commissioned by Finder.
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share. See full bio
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